Moody's Investors Service has confirmed the A1 (good) insurance financial strength rating on SVB's Syndicate 1007 and downgraded Syndicate 1241 from A2 (good) to A3 (good). Both syndicates' ratings have been assigned a negative outlook.
In respect of Syndicate 1007's rating confirmation, Moody's said that having met with management to discuss the 1999 and 2000 account forecast deterioration and within the context of independent actuarial assessment, it felt more comfortable with regard to the syndicate's overall reserving levels.
Regarding Syndicate 1241, Moody's recognised the underwriters' technical expertise, the benefits it receives being part of SVB, and the reduction in the under-performing books of business, but noted several factors that led to the downgrade. These included "earnings to date with regard to syndicate 1212 and the limited track record of syndicate 1241, a relatively immature book of liability business and uncertainty over the future of syndicate 1241 as a stand-alone entity".
Moody's also confirmed Syndicate 1007's A- (good) performance rating and downgraded Syndicate 1241's performance rating from B+ (above average) to B (average). Both ratings have a negative outlook.
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